Crypto market - the sh*t is exploding!! What's your next move?

[tyrexoid]

JackAlabama said:
No one knows if 2 years, 2 months or 2000 years...
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the miners know 🙂 , it's a simple math, the halving will kick in, reducing the supply miners sell by 1/2, which will force BTC price trend up again, because not all are aware of the exact date of halving and its effect, so people will see the graphs and think "wow the price reversed, let's start buying it's the new opportunity to make money", and the cycle will repeat IMHO. It'll keep happening until halvings exist, until all BTC is mined, pretty sure, as long as any demand for BTC exists. Because look, even if it drops to 3k this time again, and will cost 3k all next year, after the halving this same amount of people who sell and buy, will push the price to 6k (because supply was cut in half), I think all others who will see the rally from 3k to 6k within a few weeks, will join the party and start buying, so it'll snowball again, up to X price, no idea if it'll be 20-30k or 80-90k, but FOMO will repeat itself in some way for sure after halving.

Clock is ticking, it says 2024, such a long wait 🙄 too bad. #1 Bitcoin Halving 2024 Countdown & Date ETA (BTC Clock)

 

[backpacker]

tyrexoid said:
as long as any demand for BTC exists.
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It does not look like sufficient demand will still be there -if & when- the next halving arrives.
Too many normal folks got burned and will never return. And more will get burned with the mounting bankruptcies of dubious crypto lending companies and exchanges.
The so-called wealth managers (aka "professionals") are currently getting kicked out by their compliance because ever more hedge funds have to be liquidated.

 

[ImKing]

Well well folks, the s**t is going up again. Bitcoin rebound above 22K - Ether above 1250

It's going all the right way now.

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[backpacker]

ImKing said:
Well well folks, the s**t is going up again. Bitcoin rebound above 22K - Ether above 1250

It's going all the right way now.
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Same with the stock market. Short relief rally for no apparant reason. The worst is yet to come - wait for autumn eek¤%&
Note: BTC acts like a penny stock and is a typical risk-on asset.

 

[fortunespeculator]

backpacker said:
It does not look like sufficient demand will still be there -if & when- the next halving arrives.
Too many normal folks got burned and will never return. And more will get burned with the mounting bankruptcies of dubious crypto lending companies and exchanges.
The so-called wealth managers (aka "professionals") are currently getting kicked out by their compliance because ever more hedge funds have to be liquidated.
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Ya the theory of reflexivity(Soros) playing out -a vicious downward spiral.

 

[johndunham]

The amount of Nostradamuses in this topic is epic.

 

[void]

backpacker said:
Too many normal folks got burned and will never return.
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emotions aside, people don't have and especially will not have any options - it's irrational and irresponsible not to get involved in BTC - it's basically impossible to preserve wealth and conserve value another way nowadays

backpacker said:
And more will get burned with the mounting bankruptcies of dubious crypto lending companies and exchanges.
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yes, and it's a good thing, people need to get burned and wake up - everyone needs to understand at least basic principles of economy and get used to self custody and self reliance as our ancestor did
most of the world "enjoyed" couple of decades of illusion that "they" will care about everything but the dream is over, it's falling apart and the sooner you accept this fact and adapt the better for your future

 

[JohnnyDoe]

The smart investor will wait for btc to go back to $1k for buying. Like my friend who is still waiting for it to go back to $100 after it hit $1k rof/%

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[369]

$3k may happen

 

[backpacker]

void said:
it's irrational and irresponsible not to get involved in BTC - it's basically impossible to preserve wealth and conserve value another way nowadays
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I hope this was a joke ...
How can you expect anybody to consider BTC as a tool for wealth preservation. It failed miserable in that function (if it ever had this function) as it failed as a mode of payment.
Sorry to destroy your dreams but if you want preserve wealth you have to invest in the real economy.

void said:
it's a good thing, people need to get burned and wake up
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Millions of people, specifically in developing nations, got burned. They live from hand to mouth and put little money (from our point-of-view) into BTC when everybody spoke about it, hoping to maybe make a bit more. Talk to famers in India, Philippines, Vietnam, Mexico, El Salvador (well what's going on with this BTC hero Bukele... ), South Africans .... who all lost money with your wealth preservation tool.
You talk from an arrogant perspective, sitting in an Ivory Tower!

 

[369]

backpacker said:
I hope this was a joke ...
How can you expect anybody to consider BTC as a tool for wealth preservation. It failed miserable in that function (if it ever had this function) as it failed as a mode of payment.
Sorry to destroy your dreams but if you want preserve wealth you have to invest in the real economy.

Millions of people, specifically in developing nations, got burned. They live from hand to mouth and put little money (from our point-of-view) into BTC when everybody spoke about it, hoping to maybe make a bit more. Talk to famers in India, Philippines, Vietnam, Mexico, El Salvador (well what's going on with this BTC hero Bukele... ), South Africans .... who all lost money with your wealth preservation tool.
You talk from an arrogant perspective, sitting in an Ivory Tower!
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speculation for high profits and nothing else is BTC

 

[troubled soul]

JohnnyDoe said:
The smart investor will wait for btc to go back to $1k for buying. Like my friend who is still waiting for it to go back to $100 after it hit $1k rof/%
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Are you trolling??? Really want to know your view on crypto...

 

[khinkali]

This reminds me of the famously stupid Isaac Newton. His laws were wrong. It is basically impossible to send a satellite to Mars, operate a nuclear power plant or even use GPS on a smartphone with Newtonian physics. Luckily Einstein came along and gave us formulae that work for these purposes.

Crypto is working for payments, securitisation, wealth storage, proof of identity, programmable money, etc. Faster than BTC. More programmable than BTC. More environmentally friendly than BTC. Nakamoto's discovery was important and his/her legacy will remain important. Also, just like Newtonian Physics, many of us still make use Bitcoin on a day to day basis.

JohnnyDoe said:
waiting for it to go back to $100 after it hit $1k
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hap¤#"

<edit> OK, maybe GPS or maybe not, it seems controversial. But the other stuff.... </edit>

Last edited: Jul 8, 2022

 

[void]

backpacker said:
I hope this was a joke ...
How can you expect anybody to consider BTC as a tool for wealth preservation. It failed miserable in that function (if it ever had this function) as it failed as a mode of payment.
Sorry to destroy your dreams but if you want preserve wealth you have to invest in the real economy.
Click to expand...

it's the best performing asset since its origin... far far better than the second best - what more do you want? certainty that it will be the same for the next 50 year? 😉

backpacker said:
Millions of people, specifically in developing nations, got burned. They live from hand to mouth and put little money (from our point-of-view) into BTC when everybody spoke about it, hoping to maybe make a bit more. Talk to famers in India, Philippines, Vietnam, Mexico, El Salvador (well what's going on with this BTC hero Bukele... ), South Africans .... who all lost money with your wealth preservation tool.
You talk from an arrogant perspective, sitting in an Ivory Tower!
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you are probably talking about current price drop which means absolutely nothing - all these people are still holding same amount of BTC as before, they lost nothing and they made the right move putting their money into BTC - if they were investing too much, speculating or underestimated their time horizon in their situation that's not anyone else's problem

on the other hand I was clearly responding the quote

backpacker said:
more will get burned with the mounting bankruptcies of dubious crypto lending companies and exchanges
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and my point stands
we would probably agree on that all the poor miserable people (we are probably responsible for in your eyes) were hardly those who invested in crypto lending platforms offering higher double digit interests - those who did got burned, lesson learned, doesn't matter if it's Somalian or American to me, and if it does to you then you're sick in my eyes....

 

[JohnnyDoe]

azb1 said:
Are you trolling??? Really want to know your view on crypto...
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I use a semi logarithmic scale when I want to visually check (for pure curiosity) the value of USD against BTC. I recommend everyone to do the same in order to put things into the right perspective.
As far as my btc are concerned, they keep increasing in number every Monday irrespective of what USD is doing. The only time when I don't sleep well is the short period between receipt of fiat payments and conversion into btc (and other cryptos), because banks can decide to take my money at any moment.

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[backpacker]

void said:
you are probably talking about current price drop which means absolutely nothing - all these people are still holding same amount of BTC as before, they lost nothing
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The exact same argument would be valid for every penny stock.
What does it help to own the same amount of BTC when everything is valued in fiat. Useless!

Since we moved from the term "crypto" to specifically BTC: It will anyway be replaced by something which is technologically more advanced.
Do you really think that in a world where everybody talks about the environment, where there are mounting problems with energy supply (look specifically at Europe), something like BTC will stand the test of times. Governments will ban its use and after that you have a useless wealth preservation asset.
Ah, no, you will still be able to buy a bottle of water in El Salvador with BTC if the population doesn't toppple Bukele in the meantime.

Last edited: Jul 9, 2022

 

[pesto]

backpacker said:
What does it help to own the same amount of BTC when everything is valued in fiat. Useless!
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I disagree !

 

[fortunespeculator]

369 said:
speculation for high profits and nothing else is BTC
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For that matter i view every asset class that way.They are vehicles of wealth ,they either take you up or take you to financial help.

 

[void]

backpacker said:
The exact same argument would be valid for every penny stock.
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no, penny stock have no uses cases and no features comparable to BTC

backpacker said:
What does it help to own the same amount of BTC when everything is valued in fiat. Useless!
Click to expand...

not everything is valued in fiat and will not be more and more

backpacker said:
Since we moved from the term "crypto" to specifically BTC: It will anyway be replaced by something which is technologically more advanced.
Click to expand...

cutting edge technology is not everything - that's why we for example use old and imperfect protocols and data formats (like http, stmp, xml) with endless number of disadvantages which nobody would adopt these days - but still world economy stands on it

backpacker said:
Do you really think that in a world where everybody talks about the environment, where there are mounting problems with energy supply (look specifically at Europe), something like BTC will stand the test of times.
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BTC is not mined where people live and doesn't compete with households - it wouldn't payoff
it uses (for economical not ideological reasons) energy that no one can or want to use

you read too much FUD stuff online - study and then criticize

backpacker said:
Governments will ban its use and after that you have a useless wealth preservation asset.
Ah, no, you will still be able to buy a bottle of water in El Salvador with BTC if the population doesn't toppple Bukele in the meantime.
Click to expand...

governments will have to participate sooner or later
especially those whose currencies are collapsing - take a look at last couple of months charts, every currency is losing to USD and eventually will be gone inevitably
but don't worry USD will share the same fate in the end

the smarter countries (maybe the most desperate ones...) will switch sooner and profit on it

 

[backpacker]

void said:
no, penny stock have no uses cases and no features comparable to BTC

not everything is valued in fiat and will not be more and more

cutting edge technology is not everything - that's why we for example use old and imperfect protocols and data formats (like http, stmp, xml) with endless number of disadvantages which nobody would adopt these days - but still world economy stands on it

BTC is not mined where people live and doesn't compete with households - it wouldn't payoff
it uses (for economical not ideological reasons) energy that no one can or want to use

you read too much FUD stuff online - study and then criticize

governments will have to participate sooner or later
especially those whose currencies are collapsing - take a look at last couple of months charts, every currency is losing to USD and eventually will be gone inevitably
but don't worry USD will share the same fate in the end

the smarter countries (maybe the most desperate ones...) will switch sooner and profit on it
Click to expand...

We are standing on opposite sides of the river and there is no bridge. Let's leave it here.
Whoever reads our small discussion will hopefully come to the right conclusion in order to avoid being on the wrong side of the river (whichever side that might be).

Last edited: Jul 9, 2022